Binance.US is “prepared” for a legal dispute with the Securities and Exchange Commission

Binance.US is preparing for a protracted legal dispute with the Securities and Exchange Commission (SEC), in which it will underscore its dedication to compliance and critique the agency’s enforcement strategies.

Binance.US, the United States-based subsidiary of the global cryptocurrency exchange Binance, is preparing for legal disputes with the Securities and Exchange Commission (SEC).

As per the X post announcement, Binance.US has indicated its readiness for an extended period of legal discovery.

“In a ruling handed down on Friday, the court rejected Binance’s SEC petition. We were anticipating this outcome and eagerly anticipate the advancement of this case through the judicial system.”

Securities law violations, the provision of unregistered investment products, and anti-fraud violations are the focal points of the SEC’s allegations.

Binance.US stated that it was established with the “express purpose of serving” U.S. customers and would comply with U.S. laws and regulations.

“We have thorough compliance and risk programs that guarantee the safety, security, and integrity of our platform, as well as 1:1 reserves for all customer assets.”

Criticizing the SEC’s regulatory approach, the centralized cryptocurrency exchange referred to the federal agency as “regulation by enforcement.”

Binance.US also assigned the firm’s issues to politically motivated actions by the current administration, which is led by Chair Gary Gensler.

“It is regrettable that we, like numerous other companies in our sector, have been impacted by the SEC’s current leadership’s regulation by enforcement approach and politically motivated overreach.”

Binance.US expressed confidence in its legal status, asserting that the SEC has not yet identified any evidence of misconduct on the part of the company.

During an 11-month discovery process, Binance.US asserted that the SEC’s case is “unsupported by the facts or the law.”

In a June 28 court filing, the firm was unable to persuade a U.S. court to dismiss the majority of the SEC’s claims against it, despite its confidence.

The SEC’s allegation that Binance CEO Changpeng “CZ” Zhao acted as a “control person” in the filing was unaffected by Binance’s attempt to have it dismissed.

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